By Jason Sandford – The Asheville Citizen-Times
The bank’s stock will be sold on the NASDAQ stock market starting today in a move designed to raise money for growth and expansion, according to company officials.
The conversion gives HomeTrust Bancshares Inc., the name of the stock holding company for HomeTrust Bank, $360 million in “tangible capital, the lifeblood of banking,” said Dana Stonestreet, president and chief operating officer of HomeTrust Bancshares. “We are the largest hometown bank in Western North Carolina. What this means for the future of Asheville and Western North Carolina is more jobs, more economic growth, more economic vitality and the ability to provide credit in the way we have in the past, and even more so in the future.” HomeTrust is the second Asheville bank to announce plans to go public in the past year. Asheville Savings Bank started selling stock in December 2011. Officials with ASB Bancorp Inc., the holding company for Asheville Savings Bank, rang the NASDAQ stock market closing bell during a ceremonial event marking the bank’s move to a publicly traded company.
HomeTrust officials have said customers of the 100-year-old bank shouldn’t notice any changes. But the bank does have plans to grow. Tony VunCannon, the bank’s chief financial officer, said the conversion “allows us to keep current on products and services and allows us to compete with out-of-town folks.” Small banks will continue to consolidate to compete with the biggest banks, Stonestreet said, a strategy the company has already employed.
“Everything you read about the next wave in banking is more consolidation among community banks to create the size and scale and financial strength to be … and competitive in their markets,” he said.
The company operates HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank. It has 300 employees. The bank is the 11th largest bank headquartered in North Carolina.
HomeTrust Bancshares Inc. announced that the bank’s members approved the plan for converting to a stock holding company form of organization on June 28.
